Reconcile your bank account in QuickBooks 2013 or later
Reconciling your accounts in QuickBooks is a lot like balancing your checkbook. This process helps ensure that everything is accounted for in your QuickBooks software and, consequently, ensure that your financial records are accurate.
- From the Banking menu, select Reconcile.
- Enter your bank account’s ending balance in the Ending Balance field. Adjust any other settings you may need.
- Click Continue.
- Check any items that match your bank account statement.
- If your Difference is zero, congratulations! Click on Reconcile Now to finish your reconciliation and print your reports.
- If your Difference is not zero, make a note of the difference amount.
- Note #1: You may also choose to reconcile anyway by clicking on the Reconcile Now button and then click on the Enter Adjustment button on the new window to record the discrepancy. However, this is not recommended. Instead, continue to Note #2 below. Note #2: If you see any items on the Reconcile screen that do not appear on your bank statement there could be various reasons such as the check/deposit was done near the end of statement period and didn’t clear in the bank in time to appear on this statement and it will most likely appear on the next statement. Note: If they do match, proceed to step 7.
- Research the transaction to confirm that it was correctly entered into QuickBooks.
- If the missing item is a check, communicate with to the vendor to confirm that the check was received and deposited. If the check was lost or needs to be reissued for another reason, click
Reprint Checks for instructions.
- If the missing item is a deposit, double-click on the deposit from the reconcile screen to open it to check the history. In the period of the deposit look to see if there is a duplicate, or another deposit that may have included the item.
- If you determine that the transaction was entered in error and should not have been entered into QuickBooks, right-click to void the transaction. Note: Voiding a transaction breaks the link to the affected account but the record is retained should there be any future questions. If there is no need to retain a record of the transaction, select the delete option to permanently remove the transaction from your file.
To delete a transaction if that is the course of action you want to take:
- Go to the Banking menu and click on Use Register.
- Select your desired account from the drop down menu.
- Right click on the item(s) that do not match your bank account statement and click Delete. You will need to properly record any missing items as shown on step 7 below.
- Reference your bank account statement to locate the missing items that you do not see on the Reconcile screen. If these items pertain to your Intuit Payment Solutions account, please reference Record merchant fees and deposits in QuickBooks 2013.
- Once your missing items are properly recorded in QuickBooks, go back to the Reconcile window.
- Go back to step 4 above to checkmark your new items and finish your reconciliation.